Ironbridge-backed FleetPartners to tap debt markets

Melbourne-headquartered FleetPartners, previously a division of ANZ known as Esanda, is gearing up for one of the busiest periods in its history as the fleet-management books of more than a third of Australia's biggest corporations are set to go to tender.

"Over the next two years we will improve the funding model. We will do a couple of debt issuances, going to Australia first and then we will look at a US issue too," Nick Johnson, CEO of FleetPartners, told The Australian.

Johnson added that group could expect an IPO in the next two years but stressed there is no pressure from the shareholders to sell.

The company, which is one of the largest vehicle leasing firms in Australia, has also secured a global strategic alliance with Paris-based ALD Automotive and Chicago-based Wheels, to create a network covering 43 countries with 1.3 million vehicles under management.

FleetPartners first received private equity investment in 2006, when the business was acquired by a consortium led by Johnson. Two years later Ironbridge and GIC emerged as the key shareholders, alongside senior management.

FleetPartners now has more than 50,000 vehicles under management across Australia and New Zealand, with ANZ, Carlton and United Breweries, construction firm Boral and agribusiness group Landmark among its clients.

The deal with ALD and Wheels will allow the European and US groups to offer fleet management services for large international clients with operations in the Asia-Pacific region.

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• Topics
• Australasia
• Exits
• Financing
• IPO
• Australia
• Exit
• Structured finance